The running back from Pittsburgh, taken by Philadelphia with the 53rd overall selection, is the first second-round pick to sign, according to agent Drew Rosenhaus.
Philadelphia has come to terms with seven of the eight members of its 2009 draft class. Only first-rounder Jeremy Maclin, a wide receiver from Missouri, has not agreed to a deal.
McCoy, who provides insurance behind the dynamic but injury prone Brian Westbrook, rushed for 2,816 yards and 35 TDs, and caught 65 passes for 549 yards and one score in two seasons at Pitt. He ran for 1,488 yards and 21 TDs last year.